A popular cryptocurrency analyst believes that Bitcoin is able to decline in price to a 200-day moving average of $26,280, and then go up again.

Michael van de Poppe told his followers on Twitter that a successful retest of this support level could be the end of the correction and consolidation of the first cryptocurrency. Therefore, at this level, it is worth buying bitcoins.

“Looking back, the 200-day moving average retest has always proven to be a great time to accumulate bitcoin. Over the past six months, Bitcoin has been below this indicator for a long time, which makes it undervalued. The next week will be key – a quick retest and a bounce up will mark the end of the BTC correction, ”the cryptanalyst argues.

Michael van de Popp is confident that to confirm future growth, Bitcoin needs to gain a foothold above $27,000: this will show the mood of bullish investors. If BTC fails to conquer and hold the mark, then it will most likely roll back to $26,000 or $26,500. On Monday afternoon, May 22, the first cryptocurrency is trading at $26,800.

Previously, Michael van de Popp said that the crisis in the US banking sector could trigger the rise of Bitcoin.